#48 Arifin Panigoro

#48 Arifin Panigoro

2016 Indonesia's 50 Richest NET WORTH

$475M

as of 11/30/16

Arifin Panigoro founded Medco Energi Internasional, a listed oil and gas company now managed by his brother Hilmi. The family owns about 30% of the company. In 2016 Medco Energi and banker Agus Projosasmito's AP Investment firm spent a reported $2.6 billion to acquire a controlling stake of PT Amman Mineral Internasional, which operates Indonesia's second-biggest copper and gold mine, Batu Hijau. They bought the stake from Newmont Mining of the U.S., Sumitomo of Japan and Bumi Resources Minerals, part owned by the Bakrie family. Funding for the purchase was reportedly provided by 3 Indonesian banks. Panigoro also owns palm oil plantations, hotels and stakes in 2 banks.